VALCO Workers, ICU Leadership Staged DEMO Against Planned 70% Sale

By: John Justice Ahoto

Workers of the Volta Aluminium Company Limited, VALCO, backed by the national leadership of the Industrial and Commercial Workers Union, ICU, on Monday staged a massive demonstration in Tema to protest the government’s intended sale of a 70% equity stake in the company.

The protest march, which began from the VALCO Club House and moved through principal streets in Tema, saw hundreds of workers carrying placards with inscriptions rejecting the proposed transaction. The demonstration was heavily supervised by the police.

The action came hours after the union issued a formal protestation warning of industrial action of a “national character” if the deal proceeds.

Addressing workers after the walk, ICU leaders said VALCO is a strategic national asset that has witnessed significant progress in recent years and must be protected for present and future generations.

“Any attempt to transfer a controlling stake to a private investor under the guise of equity investment will deprive the people of Ghana of state ownership of this vital national asset,” the union’s statement, signed by General Secretary Morgan Ayawine, said.

According to the union, credible information indicates that the Ghana Integrated Aluminium Development Corporation, GIADEC, is determined to release a 70% equity stake in VALCO to Arch Holdings Consortium, thereby handing over management and operations to a private investor.

Established in 1966 as a joint venture between the Government of Ghana and Kaiser Aluminium, VALCO was built as the anchor of Ghana’s integrated aluminium industry with an installed capacity of 200,000 metric tonnes per annum at its Tema smelter.

The company employed over 2,000 workers at its peak and supported thousands in downstream industries. Years of power challenges and high energy costs led to prolonged shutdowns between 2009 and 2015.

However, the union said collaborative efforts by government, the Board, Management and Labour have restored operational stability in recent years. The Sector Minister for Lands and Natural Resources, in a statement on July 15, 2026, also “highlighted the significant progress and success being recorded by VALCO.”

The union argues it is economically imprudent to sell now when the benefits of those sacrifices are beginning to materialize.

Union leaders warned the sale poses significant risks, including potential job losses, diminished workers’ welfare, and adverse financial consequences for the state.

“It threatens job security, undermines Ghana’s Integrated Aluminium Industry, and compromises the long-term strategic interests of the nation,” they said.
“It is unconscionable for a few private interests to reap where they have not sown.”

The union invoked President John Dramani Mahama’s 2026 May Day address in Koforidua, where he urged organised labour not to “sit back and look on aloof when management and governing boards are mismanaging their enterprises.”

“In recognition of His Excellency’s reputation as a listening President, we respectfully call upon him to intervene decisively to halt the proposed sale of VALCO,” Ayawine stated.

Mr. Ayawine said if the union’s concerns remain unaddressed within the shortest possible time, it will consult its structures and determine the next line of action.

“We take this opportunity to appeal to all well-meaning Ghanaians, organised labour, CSOs and professional bodies to join us in safeguarding VALCO,” he added.

Receiving their petition on behalf of government, Metropolitan Chief Executive of the Tema Metropolitan Assembly, Madam Ebi Bright, thanked the union and its workers for the peaceful nature of their protest and assured them that their petition would be forwarded to the President for redress.

GIADEC is yet to officially respond to the allegations.